It’s an incredible opportunity and an exhilarating experience to start your own business. But how to become a travel entrepreneur? What are the steps to launch a travel stratup? There are several hundred steps, but here are some of the basic questions and phases you’ll go through to be come a travel entrepreneur.
- First, what is the problem you are solving? Businesses exist to solve problems – even if that’s “making people laugh more” or “helping a tourist navigate a complex city.” So what is the problem?
- Then identify who’s paying to have that problem solved. It’s not a business if nobody is paying you for your products or services.
- Time to talk about resources. How much money do you need to make this business happen? What kinds of people, with what skills, do you need? What other resources besides time and money do you need? Can you get them? This is where you might have to consider your funding scenario – not all businesses need “venture capital,” but you might need some cash from your bank as a cushion.
- How can you test this idea? So many entrepreneurs spend all their time on paper, when you need to actually get out there and test your ideas to see if they actually work and people are actually willing to pay for them.
The most successful travel businesses spend a little bit of time planning, and then as quickly as possible, test and implement ideas, get feedback, and adjust. Spend no time planning and you are flying blind, spend too much time planning and you end up with a business on paper that might not actually work in the real world.
What is a Travel Entrepreneur?
Google tells us that an entrepreneur is “A person who organizes and operates a business or businesses, taking on financial risk to do so.” You might be a travel startup, like a software program or web app, or perhaps you’re really a small business, like a tour guide or maybe a travel photography business.
The basic crux of travel entrepreneurship is creating a business that’s bigger than you, that would continue if you left the business.
As mentioned in the intro, there are a lot of steps that one must take to really make the leap into business ownership.
How Much Does a Travel Entrepreneur Make?
Ah, the juicy question – how much does a travel entrepreneur or startup founder make? The first response to that is, don’t go into this for the money.
Yes, hundreds.. thousands of entrepreneurs make millions. But you don’t hear about the thousands who fail, the thousands who struggle and just “get by.”
The bottom line is that for the first year, maybe two, you won’t make a lot. Your business may post a loss, and you might never make money.
But the upside is huge. Once you are making enough money you can offload more of your work so you’re making a lot of money with fewer hours.
Remember, though, the majority of travel entrepreneurs never get there. And you shouldn’t get in this business for the money.
Why Become a Travel Entrepreneur?
Why would you want to launch a travel startup or become a travel entrepreneur? Most entrepreneurs launch their ventures because they have an itch to scratch – the itch to contribute, to fix a problem, to influence change, to make a difference.
Even if your travel venture is to entertain, isn’t it satisfying to build something – a product or a service – that makes people smile?
Entrepreneurship is great for someone who wants to work in tourism but hasn’t found a job, employer or specific role that is a good fit. If you don’t like structure and you like a wide array of possibilities, then you may like entrepreneurship – that is, if you can stomach the risks.
Pros and Cons of Working as a Travel Entrepreneur
Pros
- You are in control of your destiny.
- You are building your own creation – something you can be proud of.
- For the most part, you can choose who you want to work with.
- It’s probably one of the most exciting and fast paced travel careers.
Cons
- Many personal relationships and marriages have cracked due to the pressures of entrepreneurship.
- You may not get paid in the beginning, and may risk your own personal reputation and finances to get going.
- Non risk takers may find this job too stressful and demanding. There are a lot of unknowns in entrepreneurship.
Travel Entrepreneur Quotes
“It’s kind of fun to do the impossible.” – Walt Disney
“Business opportunities are like buses, there’s always another one coming.”- Richard Branson
“Every single person I know who is successful at what they do is successful because they love doing it.” – Joe Penna
Want to talk more about starting a travel business? Then check out our small business coaching packages.
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Hi, I'm Andy Hayes, your host at Dream Travel Jobs. Once, I was in a job I hated, and I left it all behind for a dream job in the travel industry.